Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum has established a new law to set up a company to oversee the development, management and investments in public and private parking spaces in the emirate.

"The purpose of Parkin include establishing, planning, designing, developing, managing and supervising public parking lots, implementing the legislation regulating them, managing, creating, developing and designing private parking lots," Dubai Media Office tweeted. 

Parkin will also invest the parking lots and handle the commercial activities related to them.

The law mandates that the ownership percentage of the Government of Dubai must not fall below 60% of the company's capital when its shares are offered for an IPO.

The law also mandates the Dubai Road and Transport Authority (RTA) to delegate certain or all of its responsibilities related to public and private parking. It also allows the transfer of certain employees from RTA to Parkin, through a decision issued by the RTA’s Chairman, without compromising their rights.

The board of Parkin will be chaired by Ahmed Hashem Bahrozyan, while Ahmed Hassan Mahboub will serve as Vice Chairman. 

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Brinda Darasha)